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Der Standard - Austria | Thursday, July 30, 2015

Fatal call for Euro exit clause

In a special report the Council of Experts of the German government called for EU treaties to include a clause on compulsory eviction from the Eurozone. The centre-left daily Der Standard rejects the suggestion as disastrous and unrealistic: "If this suggestion were implemented it would be the end of the Eurozone. The political climate would be poisoned because states would start threatening each other: 'You don't like measure Y? We can throw you out.' Economically speaking the idea is also a disaster. As soon as the treaty was changed investors would immediately start speculating on the next euro exit: Greece? Portugal? The yields on these countries' bonds would explode. If Germany's best economists are really sitting on this Council of Experts, we should be worrying more about Germany than Greece."

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